Regulatory Alert, August 2020
The Basel Committee on Banking Supervision (Basel Committee or BCBS) has issued two consultative documents seeking comment on proposed Principles for Operational Resilience and updates to its Principles for the Sound Management of Operational Risk (PMSOR). The Basel Committee views operational resilience to be an outcome of effective operational risk management and, as such, has drafted the two documents to work together. In addition, each draws upon existing guidance and current practices (including principles-based guidance on corporate governance, business continuity, and outsourcing) in an effort to develop a “coherent framework.” Comments are requested by November 6, 2020.
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